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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Frankly Inc | TSXV:TLK | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.44 | 0.45 | 0.53 | 0 | 01:00:00 |
LONG ISLAND CITY, N.Y., April 2, 2018 /CNW/ -- Frankly Inc. (TSX VENTURE: TLK) (Frankly), a leader in transforming local TV broadcasters and media companies by enabling them to publish and monetize their digital content across multiple platforms, reported financial results for the fourth quarter and fiscal year ended December 31, 2017. All financial statements have been prepared in accordance with U.S. GAAP.
Full Year 2017 Financial Results (All amounts in U.S. dollars)
Fourth Quarter 2017 Financial Results (All amounts in U.S. dollars)
Management Commentary
"2017 will be remembered as a pivotal year in Frankly's long-term evolution into a stronger, more innovative and, ultimately, profitable organization," said company COO and CFO Lou Schwartz. "Despite some of the hurdles we faced during the year, we still successfully managed to grow our topline, which is a further endorsement of the strength in our business model. Moving forward, we anticipate that the continued growth of Frankly Local and Frankly Data, two of our major growth and innovation-focused initiatives, will provide us with even greater monetization capabilities. We also believe the successful migration of our legacy CMS customers to our next-gen platform as well as the scheduled transition of Frankly video customers onto our new cloud-based platform, which features a more modernized workflow, will allow us to start generating additional incremental and recurring revenues beginning in 2018.
"In all, we entered the new year with a strengthened product portfolio and a growing pipeline of new business, elements we believe will drive our expansion moving forward. In conjunction with our long-term growth focus, we also recently implemented an aggressive optimization plan during the first quarter of 2018 to reduce expenses in non-strategic areas. Our ultimate goal is to achieve growth and profitability which will turn Frankly into a self-sustaining organization for the many years ahead."
About Frankly
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates. The company is headquartered in in New York. To learn more, visit www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-GAAP Measures
The Company reports earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA, which are not financial measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP") and therefore may not be comparable to similar measures presented by other issuers. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute to net income (loss) or any other financial measures of performance or liquidity calculated and presented in accordance with GAAP. The Company defines Adjusted EBITDA as EBITDA, adjusted to exclude certain non-cash charges and other items that we do not believe are reflective of our ongoing operating results. The Company utilizes Adjusted EBITDA internally for purposes of forecasting, determining compensation, and assessing the performance of our business, therefore, we believe this measure provides useful supplemental information that may assist investors in assessing an investment in the Company.
The following unaudited table presents the reconciliation of net loss to Adjusted EBITDA for the fiscal years ended December 31, 2017 and 2016, respectively.
Year Ended December 31, | ||||
2017 |
2016 | |||
Net Loss |
$ (17,193,639) |
$ (10,710,942) | ||
Interest expense, net |
2,459,514 |
1,266,096 | ||
Income tax expense |
- |
- | ||
Depreciation and amortization |
4,381,888 |
3,398,491 | ||
Stock-based compensation |
1,141,117 |
1,190,960 | ||
Impairment expense |
6,630,936 |
4,209,000 | ||
Loss on disposal of assets |
- |
1,093 | ||
Loss on extinguishment of debt |
38,287 |
- | ||
Transaction costs |
139,710 |
- | ||
Nasdaq listing fees |
913,690 |
774,152 | ||
Retention plan |
740,523 |
- | ||
Litigation expense |
381,562 |
- | ||
Other expense |
27,017 |
205,681 | ||
Adjusted EBITDA |
$ (339,395) |
$ 334,531 | ||
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding Frankly and their respective businesses. Forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
View original content:http://www.prnewswire.com/news-releases/frankly-reports-results-for-the-fourth-quarter-and-full-year-2017-300623009.html
SOURCE Frankly Inc.
Copyright 2018 Canada NewsWire
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